Winning streak continues for Nifty to close at 14200: Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):

"The U.S. market corrected sharply yesterday on news of virus surge and on worries over Georgia elections. This had a rub off effect on the other global markets and as hinted by the SGX Nifty, our markets too started the session marginally negative. However, the damage was not much in our markets and after a couple of hours, Nifty rebounded sharply and rallied to post new record and end the day at 14200.

Our markets completely shrugged off the negative cues from the global bourses today and continued its winning streak to surpass the 14200 mark. Since last few days the banking index was consolidating within a range and just when it was required, this sector took off to fuel this rally higher. Now, we have closed around a crucial juncture of 14200 which is an important level as per some retracement and extensions of the previous moves in the index. However, if the banking space continues such momentum along with the broader markets, then this should lead to further upmove in the near term. On the upside, 14260 followed by 14320 would be the next levels to watch whereas 14080 and 14000 would be seen as immediate supports.

The Banking sector and the midcap space were buzzing yesterday and could continue the momentum in the near term. Hence, traders are advised to look for trading opportunities in stocks where price upmoves are being supported by good volumes."

Source : Equity Bulls

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